FxWirePro: USD/JPY range-bound, strong resistance at 119.95

USD/JPY trades a narrow range on the day, with a high of 119.96 and a low of 119.76.

• The pair is drifting slightly to the upside, edging closer to the proximity of the 200 SMA at 119.95 on the 4-hourly charts
   
• Earlier in the day, Japan merchandise trade balance total came in at -114.5bln yen, below forecasts at 84.4bln yen in September 
   
• There is a lack of impetus to propel the price on either sides, focus now remains on the Central Banks later this month
   
• Imports y/y came in at -11.1%, above forecasts (-11.7%), while exports y/y came in at 0.6% below forecasts (3.4%) in September
   
• USD/JPY is currently trading at 119.87, with support at 119.61 (10 DMA) and upside resistance through the 120.00 level would be at 120.89 (200 DMA)
   

Resistance Levels:

R1: 119.95 (4H 200 SMA)

R2: 120.00 (psychological level)

R3: 120.89 (200 DMA)

Support Levels:

S1: 119.61 (10 DMA) 

S2: 119.41 (Oct 20 low)

S3: 119.20 (Daily Tenkan)